ABN AMRO Mortgage Group Inc. halted its declining trend in mortgage production but couldn't come up with a gain. The company is optimistic, however, about fundings in the upcoming months.
After reporting decreased originations for three consecutive months, the Michigan-based lender announced August mortgage volume of $4.1 billion -- neither a decrease or an increase from July. However, production is off two-thirds from a year ago.
An executive for the group said in a written statement that fundings may grow from current levels with the planned rollout of new LIBOR and Interest-Only programs. "It is expected that production in the coming months will directly reflect reinvigorated mortgage market activity as well as the success of [ABN AMRO's] new product initiatives."
The latest fundings were composed of over 28,500 loans, the group said.
InterFirst Wholesale Lending contributed nearly 75% of the total volume, according to the announcement.